Family Dollar profit shrinks as shoppers focus on essentials

July 10 Wed Jul 10, 2013 7:28am EDT

July 10 (Reuters) - Family Dollar Stores Inc posted a smaller quarterly profit on Wednesday and said it expects customers to remain under financial pressure and hold back on purchases that are not absolutely necessary.

Family Dollar earned $120.9 million, or $1.05 per share, in the quarter ended June 1, down from $124.5 million, or $1.06 a share.

Sales rose 9 percent to $2.57 billion, while sales at stores open at least a year, or same-store sales, rose 2.9 percent. The discount chain expects same-store sales to rise 2 percent this quarter.